China Eastern bought more jet fuel from the international market than Air China.

30% of Air China's jet fuel last year was bought from the international market.

Air China did a better job of hedging against the volatility of oil prices.

An Air China official told analysts that the company booked a gain of $4.96 million in 2004 from oil-hedging activities.

Comment: Both airlines recovered nicely from the impact of severe acute respiratory syndrome (SARS) in 2003. But Air China admitted it faces challenges such as increasing competition and high jet-fuel costs. No doubt China Eastern shares the same sentiment.

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